Titan - June Recovery Infuses Confidence: Prabhudas Lilladher

A customer trying on an earring is reflected in a mirror inside a Titan Co. Tanishq jewelry store  in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Titan - June Recovery Infuses Confidence: Prabhudas Lilladher

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

We are cutting FY22 and FY23 earnings per share estimates of Titan Co. by 21.3% and 0.8% as second wave of Covid-19 has impacted the recovery.

June has seen strong rebound in jewellery sales although trends vary from state to state and across cities depending upon the Covid restriction and consumer sentiments.

We have been positively surprised by sharp recovery in watches and eyewear, unlike last year when they were to recover.

We believe this is a transition phase and the company seem well placed to capitalise on growth led by:

  1. Benefit of hallmarking with strong brand as organised players in jewellery gain share.

  2. Omni-channel strategy across jewellery, watches and eyewear.

Click on the attachment to read the full report:

Prabhudas Lilladher Titan Company Update.pdf

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